Reference-Dependent Preferences A Theoretical and Experimental Inves
Most of our daily decisions are made under uncertainty and risk, without complete information about all relevant aspects. We all constantly make such decisions, from the simplest “should I take my raincoat today?” to more serious examples, such as those o
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Evelyn Stommel
Reference-Dependent Preferences A Theoretical and Experimental Investigation of Individual Reference-Point Formation
Evelyn Stommel Essen, Germany
Zugl. Dissertation Wissenschaftliche Hochschule für Unternehmensführung (WHU) – Otto Beisheim School of Management, Germany, 2012
ISBN 978-3-658-00634-1 DOI 10.1007/978-3-658-00635-8
ISBN 978-3-658-00635-8 (eBook)
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Foreword „I hate to lose more than I like to win“. Are these words spoken by the famous tennis player Jimmy Connors not true for quite a few of us? This feeling is what theory describes as loss aversion, the tendency to overvalue losses relative to comparable gains – and a determinate violation of rational thinking. Prospect Theory was motivated by these failures of rational models to describe actual decision making in everyday life. Daniel Kahneman, one of the founders of Prospect Theory along with the late Amos Tversky,
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